The Deceptive Act of Concealing Finances in Relationships
Hiding purchases or debts from a partner can lead to relationship problems, according to several surveys. A survey by Edelman Financial Engines found that 39% of married adults admitted their partners didn't know everything about their spending, rising to 50% for divorcees. Another poll by Circuit for Teams revealed that roughly two-thirds of partnered adults hid purchases from their partners in the last year, with an average of $475 concealed. A report by NerdWallet found that one-third of Americans with credit card debt told no one what they owe. While financial infidelity is considered cheating by more than half of respondents in a survey by The Motley Fool Ascent, roughly half of married adults admitted to hiding purchases. Men are more likely to hide spending on electronics, alcohol, and gambling, while women hide purchases of clothing, cosmetics, and gifts for others. Surveys consistently find that younger people are more likely to keep financial secrets than older Americans.